National Grid to give customers a break on soaring rates

Fearing that electric bills would have spiked as much as $30 next month because of the frigid temps, National Grid is going to hold off next month on passing on expected electric supply charges in February.

The utility got permission from regulators to “defer” $32 million in increases expected in February.

The move is highly unusual.

National Grid charges for delivery expenses, which went down this year, but it doesn’t control “supply” charges the wholesale cost of electricity. Those expenses have soared in recent months, especially in the Capital Region.

The prices are being driven by record natural gas prices due to the cold snap.

Without deferring the increases, customers would seen their bills rise between $12 and $29 next month.

The $32 million will be picked up by customers at a later time.

Supply costs in the Capital Region jumped 50 percent in the past month or so

I don’t understand why natural gas prices are soaring. The only shortage is an industry imposed shortage. There are thousands of fracked wells in PA that are capable of producing gas. They are capped and not producing to help keep the price higher. Speculators, who often don’t take possession of any gas, also are driving up the rice. The game is rigged.

I’d like to know where they get the average heating season cost, you know, that absurdly low dollar number that everyone I know is never anywhere near. According to what I thought I read at the end of summer 13, there was an overflow supply of nat gas.

Isn’t this really just price gouging by the supplier? Because of frigid temps we need more $$$ ? Aren’t there laws against price gouging for neceassy services and products? Seems to me utilities are a necessary service.